Seth and alexandra moore of elk grove village, illinois have an annual income of $110,000 and want to buy a home. currently, mortgage rates are 5.0 percent. the moores want to take out a mortgage for 30 years. real estate taxes are estimated to be $4,800 per year for homes similar to what they would like to buy, and homeowner's insurance would be about $1,500 per year. a) using a 28 percent front-end ratio, what are the total annual and monthly expenditures for which they would qualify? b) using a 36 percent back-end ratio, what monthly mortgage payment (including taxes and insurance) could they afford given that they have an automobile loan payment of $470, a student loan payment of $350, and credit card payments of $250? (hint: subtract these amounts from the total monthly affordable payments for their income to determine the amount left over to spend on a mortgage.)
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Seth and alexandra moore of elk grove village, illinois have an annual income of $110,000 and want t...
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